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MDxHealth
(NASDAQ:MDXH)
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Rating:43Neutral
Price Target:
$0.18
▼(-77.59% Downside)
Action:Reiterated
Date:10/17/26
The score is primarily constrained by weak financial performance—negative cash flow, negative equity, and persistent losses—despite strong revenue scaling and healthy gross margins. Technicals also weigh heavily as the stock trades below all major moving averages with negative momentum. Offsetting factors include constructive earnings-call guidance and operational progress, while valuation is difficult to assess due to negative earnings and no dividend support.
Positive Factors
Revenue Scale and Gross Margin
The substantial multi-year revenue expansion shows that MDxHealth has built meaningful commercial scale in prostate cancer diagnostics. A gross margin near 60% provides a solid economic foundation, allowing incremental revenue growth to contribute toward operating leverage as the business matures.
Negative Factors
Guidance Suspension and Sales Disruption
The suspended revenue outlook indicates that the customer transition and sales-force disruption are affecting execution, not merely quarterly timing. Rebuilding territories and restoring provider momentum may take several months, making near-term growth less predictable despite management’s confidence in long-term demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scale and Gross Margin
The substantial multi-year revenue expansion shows that MDxHealth has built meaningful commercial scale in prostate cancer diagnostics. A gross margin near 60% provides a solid economic foundation, allowing incremental revenue growth to contribute toward operating leverage as the business matures.
Read all positive factors
MDxHealth (MDXH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.49M
Dividend YieldN/A
Average Volume (3M)1.19M
Price to Earnings (P/E)―
Beta (1Y)2.23
Revenue Growth12.75%
EPS Growth16.23%
CountryUS
Employees364
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.59
Shares Outstanding95,417,380
10 Day Avg. Volume3,180,923
30 Day Avg. Volume1,189,926
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)-14.77
Price to Sales (P/S)1.66
P/FCF Ratio-15.43
Enterprise Value/Market Cap6.16
Enterprise Value/Revenue1.32
Enterprise Value/Gross Profit2.28
Enterprise Value/Ebitda-13.91
Forecast
1Y Price Target
$0.75Price Target Upside-5.06% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$111.12M
MDxHealth Business Overview & Revenue Model
Company Description
MDxHealth SA is a commercial-stage precision diagnostics firm delivering specialized urologic solutions across the globe. Its international footprint includes the United States, various European nations such as the Netherlands, Belgium, Spain, Pol...
How the Company Makes Money
MDxHealth makes money primarily by selling proprietary molecular diagnostic tests that are ordered by physicians and performed in the company’s laboratory operations (i.e., it recognizes revenue when it performs tests and bills payers or patients,...
MDxHealth Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong operational and strategic progress — significant sequential revenue acceleration, a successful customer transition, removal of a $10.4M contingent liability, clinical data momentum, and a $20M capital raise — alongside meaningful near-term financial challenges including wider operating and net losses, negative adjusted EBITDA, gross margin compression, and tissue volumes still down year-over-year. Management reiterated full-year revenue guidance ($110M–$115M) and a path to adjusted EBITDA positivity by year-end, striking an overall tone of cautious optimism while acknowledging current profitability headwinds.Positive Updates
Historic Sequential Revenue Acceleration
Q2 sequential revenue increased 14% quarter-over-quarter, an uplift of $3.3 million, described as the largest quarter-over-quarter revenue acceleration in company history.
Negative Updates
Widening Operating and Net Losses
Operating loss increased to $5.1 million in Q2 2026 versus $1.5 million in Q2 2025; net loss increased 36% to $9.5 million versus $7.0 million prior year, largely driven by acquired OpEx from the ExoDx acquisition.
Read all updates
Q2-2026 Updates
Positive
Negative
Historic Sequential Revenue Acceleration
Q2 sequential revenue increased 14% quarter-over-quarter, an uplift of $3.3 million, described as the largest quarter-over-quarter revenue acceleration in company history.
Read all positive updates
Company Guidance
Management reiterated full‑year revenue guidance of $110–115 million (implying ~20–26% growth) and said they are on track to return to positive adjusted EBITDA by the end of 2026. They pointed to Q2 results as proof—$27.2M revenue (up 16% YoY), a 14% sequential increase ($3.3M, the largest QoQ acceleration in company history), a sequential gain of >1,400 tissue‑based tests, gross profit $17.9M (up 11%), gross margin 65.7% (down 2.9 percentage points), operating loss $5.1M, net loss $9.5M (up 36%), and adjusted EBITDA of –$2.3M (vs +$1.1M prior year). Management also highlighted cash of $19.2M (pro forma $39.2M after a $20M registered direct placement), elimination of a $10.4M contingent liability, and the June 30 cessation of the Plano lab, and said they expect generally linear revenue progression with Q3 seasonality but acceleration into Q3–Q4.MDxHealth Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 81.87M | 107.88M | 90.05M | 70.19M | 37.05M | 22.24M |
| Gross Profit | 47.20M | 64.44M | 55.14M | 43.93M | 19.22M | 10.56M |
| EBITDA | -7.75M | -14.01M | -22.02M | -30.47M | -36.39M | -24.09M |
| Net Income | -30.31M | -33.52M | -38.07M | -43.10M | -44.04M | -29.00M |
Balance Sheet | ||||||
| Total Assets | 132.09M | 147.95M | 157.33M | 129.13M | 119.14M | 75.07M |
| Cash, Cash Equivalents and Short-Term Investments | 19.21M | 29.03M | 46.80M | 22.38M | 15.60M | 58.59M |
| Total Debt | 105.85M | 95.11M | 60.06M | 41.27M | 39.79M | 15.56M |
| Total Liabilities | 162.49M | 160.05M | 142.49M | 121.92M | 109.82M | 28.17M |
| Stockholders Equity | -30.40M | -12.09M | 14.84M | 7.21M | 9.31M | 46.90M |
Cash Flow | ||||||
| Free Cash Flow | -5.56M | -11.57M | -20.69M | -26.52M | -38.28M | -23.44M |
| Operating Cash Flow | -5.47M | -10.42M | -18.53M | -21.50M | -34.12M | -22.55M |
| Investing Cash Flow | -5.87M | -20.06M | -1.64M | -3.93M | -29.04M | -885.00K |
| Financing Cash Flow | -15.59M | 12.70M | 44.60M | 32.28M | 20.72M | 66.50M |
MDxHealth Technical Analysis
Negative
0.79
Price Trends
0.61
Negative
0.54
Negative
1.61
Negative
Market Momentum
-0.11
Positive
22.16
Positive
3.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDXH, the sentiment is Negative. The current price of 0.79 is above the 20-day moving average (MA) of 0.47, above the 50-day MA of 0.61, and below the 200-day MA of 1.61, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 22.16 is Positive, neither overbought nor oversold. The STOCH value of 3.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MDXH.
MDxHealth Risk Analysis
MDxHealth disclosed 57 risk factors in its most recent earnings report. MDxHealth reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MDxHealth Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $223.47M | -6.68 | -788.19% | ― | 34.46% | 43.48% | |
55 Neutral | $176.12M | -8.87 | -121.62% | ― | 20.83% | 9.70% | |
55 Neutral | $293.87M | -4.17 | -49.17% | 2.46% | 182.05% | -5.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $80.08M | -3.03 | -46.71% | ― | -35.19% | 21.75% | |
47 Neutral | $124.33M | -1.22 | -12.97% | ― | -3.65% | 51.30% | |
43 Neutral | $17.49M | -0.31 | 142.63% | ― | 12.75% | 16.23% |
* Healthcare Sector Average
MDXH
MDxHealth
0.18
-4.61
-96.18%
XGN
Exagen
7.27
-4.64
-38.96%
BNR
Burning Rock Biotech
11.82
0.12
1.03%
BDSX
Biodesix
21.18
14.53
218.50%
PRE
Prenetics Group
17.35
4.27
32.65%
SERA
Sera Prognostics
2.03
-1.71
-45.72%
MDxHealth Corporate Events
MDxHealth Cuts 2026 Guidance After Q3 Revenue Miss and Sales-Force Disruption
Oct 16, 2026
On October 15, 2026, MDxHealth announced preliminary unaudited revenue from continuing operations of approximately $22.7 million for the third quarter ended September 30, 2026, flat versus the prior-year period when adjusted for discontinued Resol...
MDxHealth Files 2026 Interim Report as Losses Deepen but Fresh Capital Extends Runway
Sep 3, 2026
MDxHealth SA has filed its 2026 interim report with the U.S. Securities and Exchange Commission, confirming the accuracy of preliminary first-half financial results first released on August 13, 2026. For the six months ended June 30, 2026, revenue...
MDxHealth Posts Q2 2026 Revenue Growth, Exits Resolve Business and Raises $20 Million
Aug 13, 2026
MDxHealth reported second-quarter 2026 results on August 13, 2026, with revenue from continuing operations rising 16% year-on-year to $27.2 million and sequential growth of $3.3 million from the first quarter, driven by recovery in its tissue-base...
MDxHealth Raises $20 Million in Direct Share Offering and Amends Articles After Capital Increase
Aug 13, 2026
On August 11, 2026, MDxHealth SA entered into securities purchase agreements with several institutional investors for a registered direct offering of 44,052,862 new ordinary shares at $0.454 per share, raising approximately $20 million in gross pr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.